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RETIREMENT-RELATED BENEFITS (Tables)

9 Months Ended

Dec. 31, 2022

RETIREMENT-RELATED BENEFITS

Components of net periodic cost of the retirement-related benefit plans


(Dollars in millions)		Defined Benefit Pension Plans						Nonpension Postretirement Benefit Plans
For the three months ended December 31:		2022			2021			2022			2021
Service cost		$	12		$	16		$	—		$	—
Interest cost⁽¹⁾			9			6			—			1
Expected return on plan assets⁽¹⁾			(10)			(12)			—			—
Recognized actuarial losses (gains)⁽¹⁾			10			19			—			—
Curtailments and settlements⁽¹⁾			—			2			—			—
Multi-employer plans and other costs⁽²⁾			—			1			—			—
Net periodic benefit cost		$	20		$	33		$	—		$	1


(Dollars in millions)		Defined Benefit Pension Plans						Nonpension Postretirement Benefit Plans
For the nine months ended December 31:		2022			2021			2022			2021
Service cost		$	36		$	58		$	1		$	2
Interest cost⁽¹⁾			27			10			—			1
Expected return on plan assets⁽¹⁾			(32)			(25)			—			(1)
Recognized actuarial losses (gains)⁽¹⁾			30			41			—			—
Curtailments and settlements⁽¹⁾			—			2			—			—
Multi-employer plans and other costs⁽²⁾			4			4			—			—
Net periodic benefit cost		$	64		$	90		$	1		$	2

(1)	These components of net periodic benefit cost are included in other expense (income) in the Consolidated Income Statement.

(2)	Multi-employer plan costs represent required contributions for the period to multi-employer plans, which are plans sponsored by third parties. The Company recognizes expense in connection with multi-employer plans as operating costs as contributions are funded.